EUROPE’S ENERGY CRISIS IS KEEPING ENERGY PRICES AND INFLATION HIGH

America leads the world in oil and gas production. We believe midstream energy infrastructure offers predictable cash flows to investors..

Are Leveraged ETFs a Legitimate Investment?

Recently Larry Fink who runs Blackrock waded into the debate over leveraged ETFs at a Deutsche Bank investment conference. Fink was highly critical of such products, which he said had the potential to “blow up” the industry one day. The other side of the debate includes Direxion, a provider of leveraged ETFs (Blackrock has none). […]

The Alpha Rich List Got 15% of Everything

There’s been plenty of press coverage of the Top 25 hedge fund earners recently, of David Tepper’s $3.5 billion haul and so on. But it’s probably even more striking to estimate what portion of total hedge fund returns these guys took home. It goes like this: Last year the industry began with $1.8 trillion in […]

The Power of the MLP GP

Yesterday was Williams Companies’ (WMB) Analyst Day. The company gave a strong presentation across each of their divisions. It highlighted the many opportunities to build new infrastructure in response to the shale developments, especially in the Marcellus. WMB’s dividend yield is 3.3% but such is the earning power of the assets they control that management […]

The Problems with Reported Inflation

The CFA’s bi-monthly magazine includes an article on the gradual mis-reporting of inflation that’s taken place over the years (“Double, Double Toil and Trouble”). Criticism of how the government calculates inflation is not new, and I included a chapter on this in my latest book Bonds Are Not Forever. For a start, it’s hard to […]